There are so many things that could affect your tax bill. Not all of these will be relevant to you but to help you get to grips with them we have created a list of nearly 100 things that you should think about, or discuss with your accountant in the run up to the Self-Assessment deadline. 

Below you will find tips 38-51 which relate to benefits in kind.

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38. If you have a limited company, have you considered whether cars used in the business are better owned personally by you or by the business? If you own the car personally you will not be taxed on a benefit in kind and can claim a mileage allowance for the business journeys at the approved rate of 45p or 25p per mile. Which is best for you will depend on your car and various other factors which your accountant should calculate.

39. If your employee receives less that the approved mileage rates for using his own car for business journeys he can claim tax relief for the difference.

40. Make sure you complete forms P11D’s or forms P9D for benefits in kind and expenses paid to or on behalf of employees and directors, and send the to the Revenue by 6th July each year. Failure to do so can result in a £3,000 fine per P11D.

41. Apply for a dispensation from the Revenue that will permit you not to report certain expenses on your P11D forms, which will reduce your tax administration.

42. You can lend up to £5,000 to your employees interest free without them being assessed to a benefit in kind.

43. If your employee use computers at work you can pay for their eye-tests, and the cost of any lenses needed to cope with staring at a screen for long periods. The employee is not taxed on these costs.

44. You can provide your employees with free bicycles and associated safety equipment to use to cycle to work, or for business related journeys. The employee is not taxed on the use of the bicycle as long as the company retains ownership.

45. Trivial gifts to employees (not money) such as a turkey at Christmas are tax free. The gift must not be a reward for services as an employee. A seasonal goodwill gift is fine.

46. Consider paying for annual medical check-ups for your employees instead of a bonus. The cost of the check-up (but not any subsequent medical treatment), is tax deductible for you and not taxed on the employee.

47. You can help your employees get to work by providing a works bus, or subsidise an existing local bus service. The bus can also be used to take employees to the local shops at lunch time with no additional tax charge.

48. When your employees travel together to work-related training courses or make other business journeys, pay the drivers an extra tax-free 5p a mile for each fellow employee they carry.

49. You can provide each of your employees with one tax free mobile phone each. There is no tax on the employee for private use of the phone as long as the company takes out the contract with the telecoms company and owns the handset.

50. If your employees have children of school age or younger, you could save tax and national insurance for both the employees and the company by agreeing to pay part of their salary as childcare vouchers, worth up to £55 per week. The vouchers have to be offered to all employees, not just those who are parents.

51. Thank your employees for their hard work with an annual party or other event. There is no tax charge for the employees if the cost per head is less than £150.

The next part will include tips relating to personal planning. If you need help to get the most from your self-assesment then all you need to do is fill in this handy form.